Discover more local reporting on our homepage <\/a><\/p>\nNew York City\u2019s chief financial watchdog testified before the City Council on Wednesday about the financial strain New Yorkers face. The comptroller estimates the city could face a $7 billion budget deficit, and jobs, or the lack of them,\u00a0 play a big role.<\/p>\n
\u201cOutside the single industry of healthcare, specifically home health aids, New York City\u2019s job market has declined by 38,000 jobs, and looking ahead, the uncertainties are growing,\u201d said Levine.<\/p>\n
The budget and jobs are closely connected because New York City relies heavily on taxes from workers and businesses. When hiring slows, especially in high-paying industries like finance and tech, the city collects less revenue.<\/p>\n
\u201cThere are certain segments that are a little bit weaker than they had been. Accounting and finance might be one segment.\u201d Jim Essey, CEO of TemPositions, a group of staffing agencies, says tariffs, global conflicts, and the growing role of artificial intelligence have created uncertainty in the economy. As a result, employers are holding back on hiring, and workers are staying put, leaving fewer opportunities for people looking for jobs. \u201cWe ran 90 jobs over one weekend and got 7,000 responses.\u201d<\/p>\n
The comptroller\u2019s report also points to another troubling trend: young college graduates are now facing higher unemployment rates than older workers without degrees, something Essey says he\u2019s seeing firsthand.<\/p>\n
\u201cRight now, in the last 18 months, we\u2019re hearing people graduating from college can\u2019t find jobs.\u201d<\/p>\n
The comptroller warns that if hiring continues to slow, the city could collect less tax revenue, making it even harder to close the projected seven-billion-dollar budget gap in the years ahead.<\/p>\n
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